Leading Australian insolvency advisory firm Cathro & Partners is pleased to announce the addition of a new service line focused on personal insolvency. This builds on the firm’s existing corporate insolvency and Government advisory services.
With this expansion, Cathro & Partners can now provide comprehensive support for individuals needing access to solutions like bankruptcy, controlling trustee and personal insolvency agreements. It allows Cathro & Partners to provide an end-to-end service for companies and individuals in financial distress.
The new service offering comes as a result of Declan Lane, Cathro & Partners Queensland State Manager, achieving both Registered Bankruptcy Trustee and Registered Liquidator qualifications. Declan is one of a very few practitioners to be registered as both liquidator and trustee within quick succession, with even fewer registrations awarded on the same day.
As one of only 209 registered trustees in Australia, Declan is well-positioned to provide expert guidance and support to individuals navigating the complexities of personal insolvency.
“It has been an extensive process to become registered by both the Australian Financial Security Authority (“AFSA”) and the Australian Securities & Investments Commission (“ASIC”) and in a twist of fate, both registrations were awarded on the same day. More importantly, however, I am pleased that we will now be able to help people find a solution for clients’ personal or company’s financial situation”, Declan said.
Unlike corporate insolvency, personal insolvency matters involve individuals experiencing financial hardship and seeking relief from their debts. This includes bankruptcy and personal insolvency agreements to prevent bankruptcy and pay creditors a higher return than they would receive in bankruptcy, generally with shorter repayment terms.
The decision to expand into personal insolvency aligns with market trends, as March quarter data from AFSA shows a 12.6% increase in the number of personal insolvency appointments compared to the March quarter 2022.
Simon Cathro, Managing Partner at Cathro & Partners, stated, “We are pleased to offer a comprehensive suite of services that now encompass personal insolvency matters. Our new capabilities allow us to assist both businesses and individuals in resolving their financial difficulties, further strengthening our position as a trusted partner in the insolvency landscape.”
